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Importance of Investing in Data Upskilling for your Business

How Technology Affects the Future of Workforce

The Age of Information and Digital Transformation has continued to change every aspect of our lives, be it professional or personal. The rapid rate of change in technology has continuously transformed our world and modified the way companies operate.

For instance, the continuous advancements in technology have significantly reduced manual efforts and replaced them with digital work and automation. Technology is now being integrated into every business process; companies and businesses now face the challenge of equipping their employees the technical knowledge and skill sets to keep up with all the technological advances.

Most companies and businesses have yet to realize the need to adjust and fill new roles with people who possess the required specialized skills. In consequence, the gap in terms of skills and talents continue to widen. This is harmful to a company as the skills and tools the company has one year may no longer be relevant to the next.

The industry needs to realize that the future depends on the balance of getting technically skilled employees and maintaining their skills while they are in the workplace. Services like Quanthub can address the former, but the latter requires a progressive take in the environment. For a company to survive, it must learn how to adapt and embrace change.

Upskilling as a Solution

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One way to solve this gap in skills is to improve the skills of a company’s current employees through Upskilling. Upskilling is a trend that provides employees with continuous learning, usually through training programs, so they can acquire new skills to stay competitive in the workplace. Upskilling allows companies and businesses to close the digital talent gap while also maintaining their current workforce.

Benefits of Upskilling

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Training employees takes time and money. Still, upskilling is a good investment because it offers several benefits, especially in the long run. You can consider upskilling as an investment not only on the company but on your employees as well. When employees feel that the company is investing in their growth, there is a high chance that they double their effort.

If you want to understand better the importance of investing in upskilling, we listed some of its benefits here:

  1. Upskilling ensures that an organization’s employees stay competitive by keeping up with the changes both inside and outside their industry. With the rapid rate of change in technology, it is crucial that learning is continuous with your employees so they can be flexible enough to adapt to any changes.
  2. With the widening gap in terms of skills and talent, some companies think that hiring new employees is the way to go. However, the average cost of hiring a new employee is much higher than the average cost of upskilling an existing employee. Upskilling decreases the need to recruit new people which will allow you to save money in the long run.
  3. Upskilling provides employees with opportunities for growth. When employees realize that their employer is willing to invest in their professional growth, employees are more likely to remain committed to the company. Accordingly, upskilling helps in improving employee retention. A high rate of employee turnover is bad for business. Not only will it affect your reputation, but it can also be considered as a waste of resources.
  4. Training and upskilling your employees allow them to acquire new on-the-job and marketable skills. Employees learning new skills is always an asset to the company.
  5. Upskilling significantly improves employee engagement. Most employees look for opportunities for growth and development. Training employees help satisfy their demands and effectively boost their motivation, performance, and morale. Overall, upskilling improves employee satisfaction.

Importance of Data Upskilling

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Among all the fields that require upskilling, it is crucial to know that Data Science has the most Return-Of-Investment potential. The volume of data right now is skyrocketing, and the demand for data talent is really high.  That is why Data Upskilling is one of the best fields to invest in right now. Here are some of the reasons why:

Data Upskilling is Not Just for Data Scientists

The rapid and continuous growth in data science and artificial intelligence has significantly affected the labour market. Data is now everywhere, and almost every job’s functions now require data learning to stay competitive. For instance, software engineers and business analysts need data skills such as learning programming languages and data management to keep up with the changes in the industry. In almost every industry, data literacy is now an essential skill.

High-Performing Organizations are Better Educated on Data Concepts

Data literacy is a powerful tool today because understanding data helps people, especially businesses, to make better decisions. High-performing organizations educate their employees with data concepts so they can use data-driven approaches to maximize their performance. Data learning also opens the door for innovations which is crucial for businesses to remain competitive in the market.

Talent Shortage

The amount of data right now heavily outweighs the number of people with data analytics and intelligence capabilities. Consequently, there is a talent shortage because of the high demand for employees knowledgeable on data science and analytics. Hiring new talents then may become difficult and expensive. Upskilling and reskilling employees is then a more viable option.

Artificial Intelligence (AI) and Internet of Things (IoT)

The continuous growth of Artificial Intelligence and the Internet of Things opens up endless possibilities in Data Science. Soon, AI and IoT will generate datasets exponentially that the volume of data will become too big for data talents to shoulder alone. These new data calls for countless opportunities, and how companies use these data to their advantage may determine which businesses stay relevant in the succeeding years.

Bottomline

Source: simplilearn.com

We are now in an age where technology and data science has taken over the world. Companies have to keep up with all these changes to gain an advantage over their competition. The best and most efficient way to help your business stay competitive is to invest in Data Upskilling. The demand for data, analytics, and the skills to make use of these data is unending. The businesses that invest in data talent to make the most of these business opportunities are most likely the ones to survive and emerge as the best in the succeeding years.

Philip Goguen

Written by Philip Goguen

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